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Rules for companies hoping to list in London should be tightened rather than
loosened, according to the head of a FTSE-listed goldminer.

Vitaly Nesis, the chief executive of Polymetal, said that proposals to dilute
London’s free-float rules, which require that 25 per cent of a company is
available for public purchase rather than being held in private hands, are a
step in the wrong direction.

“I strongly support tightening the rules for free floats,” Mr Nesis told The
Times, adding that regulators should phase in a rule requiring that at
least 50 per cent of a company’s shares be made